A frequent question I receive as it relates to Estates is, “what compensation are Trustees entitled to?” Georgia code includes provisions for compensation of Trustees in §53-12-210. Per the Code, Trustees are entitled to compensation in accordance with either the trust instrument or any separate written agreement between the Trustee and Settlor. This compensation may be modified or if no provision was made for compensation, an agreement entered into after the Settlor’s death, if all of the qualified beneficiaries, including guardians or conservators of any qualified beneficiary who is not legally competent, unanimously consent to modifying the compensation. Or in the case where one or more qualified beneficiary is not legally competent and no guardian or conservator is serving, a petition for modification of the Trustee’s compensation or to establish Trustee compensation may be filed with the court.
In cases other than these, the Trustee is entitled to compensation as follows: (1) for corporate trustees, as provided in its published fee schedule, provided such fees are reasonable; or (2) for individual trustees, (a) 1% of cash and fair market value of any other principal asset received upon initial funding of the trust and as additional principal assets are received; plus (b) an annual fee calculated based on the trust assets as follows:
Percentage Fee Market Value
- 1.75 percent / year on the first……………………..$ 500,000.00
- 1.25 percent / year on the next………………………$ 500,000.00
- 1.00 percent / year on the next ……………………$ 1,000,000.00
- 0.85 percent / year on the next ……………………$ 3,000,000.00
- 0.50 percent / year on values over………………….$ 5,000,000.00
We work with individuals and families to develop Estate Plans, serve as counsel to Trustees and act as Trustee. For more detailed information and to discuss your specific case, call us today at (678)781-9230 or email us at sgrissom@grissomlawfirm.com to schedule an appointment.
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